Financial Alg -- Ch. 10 -- Retirement

Financial Alg -- Ch. 10 -- Retirement

12th Grade

17 Qs

quiz-placeholder

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Financial Alg -- Ch. 10 -- Retirement

Financial Alg -- Ch. 10 -- Retirement

Assessment

Quiz

Mathematics

12th Grade

Medium

Created by

Sherryl Proctor

Used 20+ times

FREE Resource

17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In order to retire with full SS benefits, someone born when you were will have to be

64

65

66

67

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

In 2016, the maximum taxable income for SS was $118500, and tax rate was 6.2%. What is the max you would have paid in 2016?

8250

7347

73470

Impossible to tell without more info

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Mitch opened a retirement account that has an annual yield of 2.2% compounded monthly. He is planning on retiring in 13 years. How much must he deposit into that account each year so that he can have a total of $1,000,000 by the time he retires? Round to the nearest $10,000 dollars. (PRESENT VALUE)

50000

5000

6000

70000

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Media Image

Circuit Tech offers their employees a flat pension plan in which a predetermined dollar amount (multiplier) is multiplied by the number of years of service to determine the monthly benefit, as shown in chart. After working for 23 years, what is Jane's pension?

1196

1311

1380

690

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Reece opens a retirement account with an APR of 4.1%, compounded monthly. He is planning to retire in 15 years. About how much will he have in the account when he retires if he deposits $750 a month? (FUTURE VALUE)

186084.60

405595.80

1000000

2.07

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If Lindsey's pension is $1,325, and she has a COLA of 1.8%, what is her pension amount for year 2?

23.85

1348.85

2385

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Jordan's employer offers a annual pension plan that is the product of the career average of his salaries while working there, the number of years of service, and a 1.4% multiplier. His average over 20 years is 64,000. What is the monthly pension?

17920

1493

64000

896

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